Josiah is saving money and plans on making monthly contributions into an account earning a monthly interest rate of 0.35%. If Josiah would like to end up with $12,000 after 5 years, how much does he need to contribute to the account every month, to the nearest dollar? Use the following formula to determine your answer. A=d(((1+i)^(n)-1)/(i)) A= the future value of the account after n periods d= the amount invested at the end of each period i= the interest rate per period n= the number of periods Answer:

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Josiah is saving money and plans on making monthly contributions into an account earning a monthly interest rate of  0.35%. If Josiah would like to end up with  $12,000 after 5 years, how much does he need to contribute to the account every month, to the nearest dollar? Use the following formula to determine your answer.  A=d(((1+i)^(n)-1)/(i))  A= the future value of the account after  n periods  d= the amount invested at the end of each period  i= the interest rate per period  n= the number of periods Answer:

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Identify Given Values: Identify the given values from the problem. A (future value of the account) = $12,000 i (interest rate per period) = 0.35% per month n (number of periods) = 5 years * 12 months/year = 60 months We will use the formula A = d * (((1 + i)^(n) - 1) / i) to find d, the amount invested at the end of each period.Convert Interest Rate: Convert the interest rate from a percentage to a decimal. i = 0.35% = 0.35 / 100 = 0.0035Substitute Values into Formula: Substitute the values into the formula. A = $12,000 i = 0.0035 n = 60 Now we will plug these values into the formula to solve for d.Calculate Value Inside Parentheses: Calculate the value inside the parentheses. (1 + i)^n = (1 + 0.0035)^60 Use a calculator to find the value. (1 + 0.0035)^60 ≈ 1.229678Calculate Numerator: Calculate the numerator of the formula. ((1 + i)^n - 1) = 1.229678 - 1 = 0.229678Calculate Denominator: Calculate the denominator of the formula. i = 0.0035Calculate Fraction Value: Calculate the value of the fraction in the formula. 0.229678 / 0.0035 ≈ 65.6228571Calculate Monthly Contribution: Calculate the monthly contribution d. A = $12,000 d = A / (0.229678 / 0.0035) d = $12,000 / 65.6228571 d ≈ $182.88Round Monthly Contribution: Round the monthly contribution to the nearest dollar. d ≈ $183

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